TJOFLAT, Circuit Judge:
This case presents a problem common to most cities in the United States. Their pension funds have been operating at a substantial loss, and the cities' long-term liabilities are becoming unfunded at an exponentially increasing rate. That is, the contributions employees and cities are making to pension funds — as a percentage of the employees' salaries — are being used to pay the pensions earned by retirees instead of being set...
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